##
##
|OBJECTIVES AND ACTIVITIES||
|---|---|
|ACHIEVEMENTS AND PERFORMANCE.||
|FINANCIAL REVIEW.|.10|
|INVESTMENT POWERS AND POLICY||
|KEY MANAGEMENT
PERSONNEL||
|FUTURE PLANS|.14|
|PRINCIPAL RISKSAND UNCERTAINTIES|15|
|STRUCTURE, GOVERNANCE
AND MANAGEMENT|15|
|REFERENCE AND ADMINISTRATIVE
DETAILS.|17|
|OFFICERS AND PROFESSIONAL ADVISERS|17|
|RESPONSIBILITIES OF THE BOARD OF TRUSTEES'|18|
|REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SHERMAN CYMRU|19|
|STATEMENT OF FINANCIAL ACTIVITIES -CONSOLIDATED.||
|SUMMARY INCOME AND EXPENDITURE ACCOUNT.|24|
|BALANCE SHEET - CONSOLIDATED.|25|
|BALANCE SHEET - CHARITY ONLY|.26|
|STATEMENT OF CASH FLOWS -CONSOLIDATED|.27|
|NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS|.28|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|TATEMENT OF FINANCIAL|ACTIVITIE|S -CONSO|LIDATED||||
|---|---|---|---|---|---|---|
||||||Total|Total|
||||Unrestricted|Restricted|funds|funds|
|||Note|funds|funds|2021|2020|
||||f|E|f|f|
|Income and endowments|from:||||||
|Donations
and legacies|||1,420,121|672,957|2,093,078|1,254,969|
|Charitable
activities|||91,442||91,442|564,699|
|Other trading activities|||319||319|173,084|
|Other|||28,105||28,105|103,163|
|Total income and endowments|||1,539,987|672,957|2,212,944|2,095,915|
|Expenditure
on:|||||||
|Raising funds|||46,047||46,047|24,313|
|Trading costs|||60,583||60,583|212,857|
|Charitable
activities|||924,204|831,615|1,755,819|2,145,355|
|Total expenditure|||1,030,834|831,615|1,862,449|2,382,525|
|Net movement
in funds|||509,153|(158,658)|350,495|(286,610)|
|Total funds brought forward||21,22|793,125|3,689,324|4,482,449|4,769,059|
|Total funds carried forward||22,23|1,302,278|3,530,666|4,832,944|4,482,449|
##
|||||2021|2020|
|---|---|---|---|---|---|
|||||f|f|
|Total income of|continuing|operations||2,212,944|2,095,915|
|Total expenditure|ofcontinuing||operations|(1,862,449)|(2,382,525)|
|Net surplus/deficit|for the|period||350,495|(286,610)|
##
##
|||||||2021||2020|
|---|---|---|---|---|---|---|---|---|
|||||Note||f||f|
|Fixed assets:|||||||||
|Tangible assets||||15||4,495,195||4,805,345|
|Investments||||16||1||1|
|Current assets:|||||||||
|Stocks||||17|26,696||31,214||
|Debtors and prepayments||||18|203,672||134,255||
|Cash at bank and|in|hand|||806,944||184,504||
||||||1,037,312||349,973||
|Liabilities:|||||||||
|Creditors: amounts||falling due within one|||||||
|year|||||||||
|Trade creditors|||||107,464||91,794||
|Other creditors||||19|278,058||212,841||
||||||385,522||304,635||
|Net current assets||||||651,790||45,338|
|Total assets less current|||liabilities|||5,146,986||4,850,683|
|Creditors: amounts||falling due after more|||||||
|than one year||||20||(314,041)||(368,234)|
|Net assets||||||4,832,945||4,482,450|
|The funds ofthe charity:|||||||||
|Restricted
Funds||||22||3,530,666||3,689,325|
|Unrestricted
funds:||||21||1,302,279||793,125|
|Total charity funds||||23||4,832,945||4,482,450|
##
##
##
##
||||||Note|2021|2020|
|---|---|---|---|---|---|---|---|
|||||||f|E|
|Net cash provided
by operating
activities|||||27|622,440|44,897|
|Cash flows from investing
activities:||||||||
|Purchase of property
plant and equipment|||||||(42,025)|
|Net cash provided
by (used in) investing|activities||||||(42,025)|
|Cash flows from financing
activities:||||||||
|Repayments
of borrowing|||||||(51,719)|
|Net cash provided
by (used in) financing|activities||||||(51,719)|
|Change
in cash and cash equivalents
in the||reporting|period|||622,440|(48,847)|
|Cash and cash equivalents
at the beginning||ofthe reporting||period||184,504|233,351|
|Cash and cash equivalents
at the end of|the|reporting|period||27|806,944|184,504|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|Major leasehold|Major leasehold|improvements|25years|
|---|---|---|---|
|General|building|improvements|10years|
|Fixtures|and fittings||5years|
|Vehicles|||5years|
|ITequipment|||3years|
|All other|equipment||5 years|
##
##
##
##
##
##
##
##
##
##
##
|3.|INCOME FROM|DONATIONS|DONATIONS|AND|LEGACIES —GROUP|AND CHARITY|||
|---|---|---|---|---|---|---|---|---|
||||||Unrestricted|Restricted|Total funds|Tota I funds|
||||||funds|funds|2021|2020|
||||||f|f|f|f|
||Fundraising||||9,698||9,698|8,557|
||Recurrent grants:||||||||
||Arts Council of||Wales||1,211,883||1,211,883|1,125,997|
||Other grants:||||||||
||Arts Council of||Wales||31,003|517,488|548,491|48,427|
||Other||||167,537|155,469|323,006|71,988|
||||||1,420,121|672,957|2,093,078|1,254,969|
|4.|INCOME FROM|CHARITABLE||ACTIVITIES|||||
||||||Unrestricted|Restricted|Total funds|Total funds|
||||||funds|funds|2021|2020|
||||||f|f|f|f|
||Ticket sales:||||||||
||Sherman
Cymru||productions||6,107||6,107|188,084|
||In House Visiting||Companies||200||200|217,761|
||Communities|and Engagement||||||1,714|
||Touring:||||||||
||Sherman
Cymru||productions|||||11,100|
||Co-productions|||||||35,558|
||Communities
and||Engagement:||||||
||Participant fees||||6,286||6,286|24,504|
||Project income||||397||397|7,608|
||Hires||||78,237||78,237|20,029|
||Publishing||||215||215|278|
||HMRC Theatre Tax||relief|||||58,063|
||||||91,442||91,442|564,699|
##
##
||Unrestricted|Restricted|Total funds|Tota
I funds|
|---|---|---|---|---|
||funds|funds|2021|2020|
||f|f|f|f|
|Bar and Front of House receipts|319||319|173,084|
||319||319|173,084|
|ME FROM OTHER SOURCES|||||
||Unrestricted|Restricted|Total funds|Total funds|
||funds|funds|2021|2021|
||f|f|f|f|
|Other income|28,105||28,105|103,163|
||28,105||28,105|103,163|
|NDITURE ON RAISING FUNDS|||||
||Unrestricted|Restricted|Total funds|Total funds|
||funds|funds|2021|2020|
||f|f|f|f|
|Fundraising
activities|46,047||46,047|24,313|
||46,047||46,047|24,313|
|NDITURE ON TRADING COSTS —GROUP|AND CHARITY||||
||||2021|2020|
||||f|f|
|Bar and front ofhouse costs|||||
|Bar and cafe salaries|||31,660|87,830|
|Bar and cafe purchases|||15,424|104,182|
||||47,084|192,012|
|Other Front of House salaries and costs|||13,499|20,845|
|Total bar and Front of House costs|||60,583|212,857|
##
##
##
|.
EXPENDITUR|E|ON CH|ARITABLE ACTIVI|TIES —GROUP|AND CHARIT|Y|||
|---|---|---|---|---|---|---|---|---|
||||Staff|Other|Deprecia-||Total|Total|
||||costs|costs|tion|Governance|2021|2020|
||||f|f|f|f|f|f|
|Unrestricted|||||||||
|Artistic|||277,187|153,764|42,286||473,237|1,186,809|
|Marketing|||109,187|76,866|16,023||202,076|308,945|
|Management||&|||||||
|Administration|||100,686|64,005|14,547||179,238|174,819|
|Support|||32,805|13,815|5,061|17,972|69,653|104,230|
|Costs|||||||||
||||519,865|308,450|77,917|17,972|924,204|1,774,803|
|Restricted|||||||||
|Production|&.||||||||
|Performances||||37,109|14,378||51,487|91,416|
|Marketing||||1,513|586||2,099|7,408|
|Management||&.|||||||
|Administration||||5,800|2,247||8,047|14,015|
|Support Costs|||192,202||74,469||266,671|203,288|
|Other costs||||362,759|140,552||503,311|54,425|
||||192,202|407,181|232,232||831,615|370,552|
|Costs|||712,067|715,631|310,149|17,972|1,755,819|2,145,355|
|||Unrestricted|Restricted|Total|funds|Tota|I|funds|
|---|---|---|---|---|---|---|---|---|
|||funds|funds||2021|||2020|
|||f|f||f|||f|
|Audit||6,950|||6,950|||6,840|
|Legal||1,587|||1,587|||3,180|
|Salary||6,042|||6,042|||6,039|
|Support|costs|3,392|||3,392|||2,157|
|||17,971|||17,971||18,216||
##
##
|f69,999b|racket (2|020:None).|
Pension contributions
were f1,|807 (2020:f1,050).||
|---|---|---|---|---|---|
|||||2021|2020|
|||||f|f|
|Employee|costs during the year:|||||
|Wages and|salaries|||621,797|859,581|
|Employer's|National|Insurance|contributions|54,846|58,520|
|Employer's|Pension|contributions||17,577|22,616|
|||||694,220|940,717|
##
|||2021|2020|
|---|---|---|---|
|Average number ofpersons employed:||No.|No.|
|Production|staff (temporary)|2|20|
|Permanent|staff|23|22|
|||25|42|
##
|Annual
Gross|Employer|Nl|Employer|Pension|Total 2021|Tota
I 2020|
|---|---|---|---|---|---|---|
|E249,345|E27,225||E6,666||f283,236|f237,866|
##
|||2021|2020|
|---|---|---|---|
|||E|f|
|Net incoming|resources after charging:|||
|Auditors'
remuneration||6,950|6,840|
|Depreciation||310,150|305,576|
##
##
##
##
##
##
|5.
TANGIBLE FIXEDASSETS —G|ROUP AND CHARITY||||
|---|---|---|---|---|
||Long Leasehold||||
||Property|Fixtures and|Motor||
||Improvements
f|equipment
f|vehicles
f|Total
f|
|Cost or valuation|||||
|at 1April 2020|7,035,361|280,655|40,000|7,356,016|
|Additions|||||
|Disposa ls|||||
|At 31March 2021|7,035,361|280,655|40,000|7,356,016|
|Accumulated
depreciation|||||
|at 1April 2020|2,301,314|246,024|3333|2,550,671|
|Charge for the year|298,087|4,063|8,000|310,150|
|Eliminated
on disposal|||||
|At 31March 2021|2,599,401|250,087|11.333|2,860,821|
|Net book value|||||
|At 31March 2021|4,435,960|30,568|28,667|4,495,195|
|At 31March 2020|4,734,047|34,631|36,667|4,805,345|
##
##
|||Year ended|Year ended|Year ended|
|---|---|---|---|---|
|||31March 2021|31March 2020||
|||f||f|
|Summary
profit and loss account:|||||
|Income||||375,623|
|Administrative
expenses||||(433,686)|
|Operating
loss||||(58,063)|
|HMRC Theatre Tax Relief||||58,063|
|Result for the period|||||
|The assets and liabilities ofthe subsidiary|were:||||
|Tota
I assets||||58,063|
|Amounts
falling due within one year||||(58,062)|
|Aggregate
share capital and reserves|||||
|17.
STOCKS —GROUP AND CHARITY|||||
||||2021|2020|
||||f|f|
|Bar and Front ofHouse|||3,605|6,763|
|Production|||10,127|10,671|
|Publications|||11.313|11,645|
|Other stocks|||1,651|2,135|
||||26,696|31,214|
##
|18.|DEBTORS|||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||Group|Charity|Group|Charity|
|||||||2021|2021|2020|2020|
|||||||f|f|f|f|
|Trade|debtors|||||57,859|57,859|334|334|
|Other|debtors|||||14,965|14,965|33,511|33,511|
|Taxation and Social|||Security|||26,413|26,413|||
|HMRC|Theatre Tax|Relief||||||58,063||
|Intercompany
balance|||||||||58,063|
|Prepayments||||||47,596|47,596|42,347|42,347|
|Accrued Income||||||56,839|56,839|||
|||||||203,672|203,672|134,255|134,255|
|19.|CREDITORS:||AMOUNTS||FALLING DUE WITHIN ONE||YEAR|||
|||||||Group|Charity|Group|Charity|
|||||||2021|2021|2020|2020|
|||||||f|f|f|f|
|Other|creditors|||||||||
|Taxation and Social Security||||||||13,913|13,913|
|Deferred
revenue||income||||52,238|52,238|124,941|124,941|
|General accrua Is||||||162,232|162,232|64,592|64,592|
|Bank|Loan|||||54,193|54,193|||
|Accruals for Redevelopment||||costs||9,395|9,395|9,395|9,395|
|||||||278,058|278,058|212,841|212,841|
||||Charity LGroup|Charity LGroup|
|---|---|---|---|---|
||||2021|2020|
||||f|f|
|Balance|as at 1st|April 2020|124,941|79,532|
|Income|received|in the year|1,482,198|1,505,024|
|Released|to income||(1,554,901)|(1,459,615)|
|Balance|as at 31|March 2021|52,238|124,941|
##
||||||Group|Group|Group|Charity|Charity||Group||Charity|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||2021||||2021||2020||2020|
||||||||f||f||f||f|
|Bank Loan|||||314,041|||314,041|||368,234||368,234|
||||||314,041|||314,041|||368,234||368,234|
|The
bank|loan||is secured|over the assets|of the|charity||and|is repayable||in equal|monthly||
|insta Iments.||||||||||||||
|To mitigate||the|impact ofCovid-19 a Capital Repayment||||Holiday was agreed|||for 2021.||||
|Repayable|by instalments|||||||||||||
||||||||||||Total||Total|
||||||||||||2021||2020|
||||||||||||f||f|
|Within one||year|||||||||54,193|||
|Between 2||and|5 years|||||||228,509|||257,450|
|After 5 years|||||||||||85,532||110,784|
|||||||||||368,234|||368,234|
|1.
UNRESTRICTED FUNDS —GROUP AND CHARITY||||||||||||||
|||||||||General|||Capital||Total|
||||||||||funds||funds||Funds 2021|
||||||||||f|||f|f|
|Balances Brought Forward||||||||(20,205)|||813,330||793,125|
|Surplus/deficit|||for the year|||||509,153|||||509,153|
|Movement||for|the year||||||77,916||(77,916)|||
|||||||||566,864|||735,414||1,302,278|
##
##
##
##
##
|Previous
ee|r||||
|---|---|---|---|---|
|||General|Capital|Total|
|||funds|funds|Funds 2020|
|||f|f|f|
|Balances Brought Forward||(32,893)|837,598|804,705|
|Surplus for|the year|(11,580)||(11,580)|
|Movement|for the year|24,268|(24,268)||
|||(20,205)|813,330|793,125|
##
|||||||Balance|Incoming||Balance|
|---|---|---|---|---|---|---|---|---|---|
|||||||at 01/04/20
f|resources
f|Expenditure
f|at 31/03/21
f|
|Capital||||||||||
|Building Refurbishment||and||||||||
|Redevelopment||||||3,519,352||(209,190)|3,310,162|
|Foyer Refurbishment||||||65,324||(15,043)|50,281|
|Arts Council ofWales —Public||||Art||2,437|||2,437|
|Foyle Foundation/Garrick||Trust-Transit|||Van|36,667||(8,000)|28,667|
|||||||3,623,780||(232,233)|3,391,547|
|Revenue funds||||||||||
|Arts Council ofWales|(Cultural|||Recovery)|||494,899|(494,899)||
|Arts Council ofWales|(Under||7s Production)|||2,024||(2,024)||
|Arts Council ofWales|(Creative|||Pathways)||22,589|22,589||45,178|
|Age UK||||||500||(500)||
|Ashley Foundation|||||||5,000|(1,500)|3,500|
|Awards for All —Community|||Fund|||3,907||(3,907)||
|Anonymous
donation|-TEN||||||5,150|(5,150)||
|Cathays
High School||||||58||(58)||
|Esmee Fairbairn
(ITP)||||||14,716|28,340|(12,970)|30,086|
|Esmee Fairbairn
(Covid Support)|||||||10,870|(7,500)|3,370|
|Garrick Trust||||||1,500||(750)|750|
|Innovate Trust||||||437||(-)|437|
|Legacy —A Kellaway|||||||1,281|(35)|1,246|
|Lloyd Webber Foundation||||||1,696|3,800|(450)|5,046|
|Moondance
Foundation|||||||19,978|(19,978)||
|National Theatre Connections||||Festival 2019||603||(586)|17|
|National Theatre Connections||||Festival 2020||2,539||(870)|1,669|
|Paul Hamlyn
Foundation||2019||||13,951|80,050|(47,205)|46,796|
|Philip Carne||||||1,024||(-)|1,024|
|The College Merthyr|Tydfil||||||1,000|(1,000)||
|||||||65,544|672,957|(599,382)|139,119|
|Total Restricted
Funds||||||3,689,324|672,957|(831,615)|3,530,666|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|NOTES TO THE CONSOLIDATED|NOTES TO THE CONSOLIDATED|NOTES TO THE CONSOLIDATED|FINANCIAL|STATEMENTS||||
|---|---|---|---|---|---|---|---|
|National Theatre|Connections||Festival|3,211|3,745|(6,353)|603|
|2019||||||||
|National Theatre|Connections||Festival||3,750|(1,211)|2,539|
|2020||||||||
|Paul Hamlyn
Foundation||2019||85,524||(71,573)|13,951|
|Philip Carne||||3,524||(2,500)|1,024|
|||||113,006|95,522|(142,984)|65,544|
|Total Restricted|Funds|||3,964,354|95;522|(370,552)|3,689,324|
##
|||Unrestricted|Funds|||
|---|---|---|---|---|---|
|||Designated||||
|||Capital|General|Restricted|Total|
|||funds|funds|funds|2021|
|||f|f|f|f|
|Group||||||
|Fixed assets||1,103,648||3,391,547|4,495,195|
|Net current|(liabilities)/assets|(54,193)|566,864|139,119|651,790|
|Long Term liabilities||(314,041)|||(314,041)|
|||735,414|566,864|3,530,666|4,832,944|
|Charity||||||
|Fixed assets||1,103,648||3,391,547|4,495,195|
|Investments|||1||1|
|Net current|(liabilities)/assets|(54,193)|566,864|139,119|651,790|
|Long Term liabilities||(314,041)|||(314,041)|
|||735,414|566,865|3,530,666|4,832,945|
##
||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|2020|
||f|f|f|
|Group||||
|Fixed assets|1,181,565|3,623,780|4,805,345|
|Net current assets|(20,206)|65,544|45,338|
|Long Term liabilities|(368,234)||(368,234)|
||793,125|3,689,324|4,482,449|
|Charity||||
|Fixed assets|1,181,565|3,623,780|4,805,345|
|Investments|1||1|
|Net current assets|(20,206)|65,544|45,338|
|Long Term liabilities|(368,234)||(368,234)|
||793,126|3,689,324|4,482,450|
##
##
##
##
|OPERATING ACT|IVITIES|||||
|---|---|---|---|---|---|
|||||2021|2020|
|||||f|E|
|Net income/(expenditure)
for the reporting|||period (as per the|||
|Statement
of Financial Activities)||||350,495|(286,610)|
|Adjustments
for:||||||
|Depreciation
charges||||310,150|305,576|
|(Increase)/decrease|in stocks|||4,518||
|(Increase)/decrease|in debtors|||(69,417)|23,469|
|Increase/(decrease)|in creditors|||26,694|2,462|
|Net cash provided
by/(used
in) operating||activities||622,440|44,897|
|Anal
sis of Cash and|Cash E uivalents|||||
|Cash in hand||||806,944|184,504|
|Total Cash and Cash|Equivalents|||806,944|184,504|
##
##
|Analysis of|Net|D|ebt|:||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||At 1
Cashflows|||At 31|
|||||||April 2020||March 2021||
|||||||f|f||f|
|Cash||||||184,504|622,440||809,944|
|Bank loans|falling||due||within|||||
|one year|||||||(54,193)||(54,193)|
|Bank
loans|falling|||due||after||||
|more than|one year|||||(368,234)|54,193|(314,041)||
|||||||(183,730)|622,440||438,710|
|28.
COMPARATIVE|||STATEMENT OF FINANCIAL ACTIVITIES - 2020|||||||
||||||||||Total|
|||||||Unrestricted|Restricted||funds|
|||||||funds||funds|2020|
|||||||E||f|f|
|Income and endowments||||from:||||||
|Donations
and|legacies|||||1,159,447|95,522||1,254,969|
|Charitable
activities||||||564,699|||564,699|
|Other trading
activities||||||173,084|||173,084|
|Other||||||103,163|||103,163|
|Total income and endowments||||||2,000,393|95,522||2,095,915|
|Expenditure
on:||||||||||
|Raising funds||||||24,313|||24,313|
|Trading costs||||||212,857|||212,857|
|Charitable
activities||||||1,774,803|370,552||2,145,355|
|Total expenditure||||||2,011,973|370,552||2,382,525|
|Net movement|in funds|||||(11,580)|(275,030)||(286,610)|
|Reconciliation|of Funds|||||||||
|Total funds brought||forward||||804,705|3,964,354||4,769,059|
|Totalfunds carried forward||||||793,125|3,689,324||4,482,449|
##